- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-03-01T18:10:00
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
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The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
